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CBN disburses N2.1trn funds to MSMEs

The Central Bank of Nigeria on Thursday said it has supported the Micro, Small and Medium Enterprises (MSME) sector with N2.10 trillion under the Real…

The Central Bank of Nigeria on Thursday said it has supported the Micro, Small and Medium Enterprises (MSME) sector with N2.10 trillion under the Real Sector Support Facility (RSSF).

The Director, Corporate Communications Department of the apex bank, Mr Osita Nwanisobi, said this while speaking at the ‘CBN Special Day’, at the 17th Abuja International Trade Fair. 

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Nwanisobi, represented by the Deputy Director, Samuel Okogbue, said the fund was disbursed to 426 projects across the country.

He said: “For the record, under the Real Sector Facility, the bank released the sum of N66.99 billion to 12 additional projects in manufacturing and agriculture. Cumulative disbursements under the Real Sector Support Facility (RSSF) currently stood at N2.10 trillion disbursed to 426 projects across the country.

“In the Micro, Small and Medium Enterprises (MSME) Sector, the bank supported entrepreneurship development with the sum of N39.26 million under the Tertiary Institutions Entrepreneurship Scheme (TIES), bringing the total disbursement under the intervention to N332.43 million. Cumulatively, disbursements under the Real Sector Support Facility (RSSF) currently stood at N2.10 trillion disbursed to 426 projects across the country.”

He said the theme of this year’s exhibition, ‘Creating an Export Ready Market through SME Digitalisation,’ perfectly fits into the bank’s push for the diversification of Nigeria’s productive base, with a particular focus on boosting the export of non-oil commodities.

The President of the Abuja Chamber of Commerce and Industry (ACCI), Dr Al-Mujtaba Abubakar, said the CBN had been of great benefit to the Small and Medium Enterprises (SMEs) sector. 

“The many interventions of the CBN significantly restored GDP growth and created the resurgence of the non-oil sector as a critical segment of GDP,” he said.